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Foreign Developers Circle the U.S.

By

Dawn Wotapka

Updated Sept. 29, 2010 12:01 a.m. ET

Sekisui House Ltd., one of Japan's largest home builders and developers, is stepping into the U.S. housing market, an indication that land prices have fallen low enough to catch the attention of foreign investors.

Sekisui teamed up with Newland Real Estate Group LLC of San Diego to acquire nearly 500 acres outside Houston, which eventually could house more than 1,200 homes.